The price per square meter for IMI purposes and the property tax bill will increase by 25 euros to 665 euros in 2023, according to a regulation now published in Diário da República.
It concerns the average construction value per square meter, which in 2023 has been set at 532 euros plus 25%, as defined by the Municipal Property Tax Code (CIMI).
“The average construction value per square meter is set at 532 euros, for the purposes of Article 39 of the Municipal Property Tax Code, which will come into force in the year 2023,” reads the regulation signed by the Secretary of State for Taxation, Nuno Santos Félix .
Thus, taking into account the CIMI formula, the value that will be used in 2023 is 665 euros, the highest since 2003, the year in which IMI replaced the Municipal Tax.
The price per square meter of construction is one of the elements that constitutes the calculation formula of the valuation system for urban buildings and, consequently, the determination of their rateable value (VTP), on which the IMI rate is levied.
The price per square meter of buildings is set annually by government decree on the proposal of the National Commission for the Evaluation of Urban Buildings (CNAPU).
Despite being one of the elements that contribute to the determination of the VPT of the properties, this price is not applied automatically, but is only reflected in new constructions or in properties that are modified or remodeled or after a new valuation, which that is, applies to urban buildings whose Model 1 returns are filed beginning January 1, 2023.
The price per square meter for purposes of the base value of built buildings was set at 600 euros in 2003 and 2004, increased to 612.5 euros in 2005 and to 615 euros in 2006 – a value that remained until 2008.
In 2009, due to the effects of the financial and economic crisis, which were already beginning to be felt, it fell to 609 euros. A year later it fell again to 603 euros, a level at which it remained frozen until 2018 and had risen to 615 euros in 2019, a value that remained until 2021. Last year it was set at 640 euros.
Source: DN
